信号传递与证券分析师盈余预测
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上海财经大学学报 2013 年 第 15 卷第 02 期, 页码：82 - 89
摘要
参考文献
摘要
本文从信号传递的角度研究了证券分析师的盈余预测问题。具体而言,本文探讨了分析师会通过哪些信号来向市场表明自己的分析师报告的盈余预测准确度更高,以及这些信号是否有助于分析师获得市场认可。本文的实证结果表明,发布每股经营现金流预测以及组成团队来发布报告这两个信号均能够将盈余预测准确度较高的分析师报告区分出来,此外这些信号也有助于分析师获得市场的认可。
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[3]朱红军,何贤杰,陶林.信息源,信息搜寻与市场吸收效率——基于证券分析师盈利预测修正的经验证据[J].财经研究,2008,34(5):63-74.
[4]Akerlof G A.The market for“lemons”:Quality uncertainty and the market mechanism[J].The QuarterlyJournal of Economics,1970:488-500.
[5]Brown L D.Earnings forecasting research:Its implications for capital markets research[J].InternationalJournal of Forecasting,1993,9(3):295-320.
[6]Call A C,Chen S,Tong Y H.Are analysts’earnings forecasts more accurate when accompanied by cashflow forecasts[J].Review of Accounting Studies,2009,14(2):358-391.
[7]Clement M B,Tse S Y.Do investors respond to analysts’forecast revisions as if forecast accuracy is allthat matters[J].The Accounting Review,2003,78(1):227-249.
[8]DeFond M L,Hung M.An empirical analysis of analysts’cash flow forecasts[J].Journal of Accountingand Economics,2003,35(1):73-100.
[9]Gleason C A,Lee C M C.Analyst forecast revisions and market price discovery[J].The Accounting Re-view,2003,78(1):193-225.
[10]Hirshleifer D,Teoh S H.Limited attention,information disclosure,and financial reporting[J].Journal ofAccounting and Economics,2003,36(1):337-386.
[11]Kleimeier S,Versteeg R.Project finance as a driver of economic growth in low-income countries[J].Re-view of Financial Economics,2010,19(2):49-59.
[12]Lundholm R J,Rochard G S 2007.Equity valuation and analysis.NewYork:McGraw-Hill Irwin.
[13]McInnis J,Collins D W.The effect of cash flow forecasts on accrual quality and benchmark beating[J].Journal of Accounting and Economics,2011,51(3):219-239.
[14]Park C W,Stice E K.Analyst forecasting ability and the stock price reaction to forecast revisions[J].Re-view of Accounting Studies,2000,5(3):259-272.
[15]Spence M.Job market signaling[J].The Quarterly Journal of Economics,1973,87(3):355-374.
引用本文
杨玉龙, 于翔. 信号传递与证券分析师盈余预测[J]. 上海财经大学学报, 2013, 15(2): 82–89.
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